SAN RAMON, Calif.--(BUSINESS WIRE)--Apr. 29, 2009--
Chevron Corporation (NYSE:CVX) welcomes today’s recommendation by the
Western Australian Environmental Protection Authority’s (EPA) that the
revised and expanded Chevron-operated Gorgon Project could meet the
EPA’s environmental objectives.
The revised and expanded proposal adds a third 5 million
metric-tons-per–year (MTPY) liquefied natural gas (LNG) train to the
original two-train proposal already approved for Barrow Island.
The EPA’s decision is an important step in the regulatory process.
Chevron can now continue to assess the conditions as it works toward a
final investment decision in the second half of this year.
Gorgon is Australia’s single largest resource project and is set to
deliver significant economic benefits and create thousands of jobs.
Chevron is currently reviewing and assessing the EPA’s proposed
conditions. The company acknowledges that under the state’s process the
government provides final approval for the project.
The Joint Venture participants – Chevron (operator), Shell and
ExxonMobil – are committed to moving the project forward on Barrow
Island and believe the environmental impacts of the project can be
minimized and effectively managed in accordance with environmental best
practices.
Chevron has a 40-year track record of protecting biodiversity on Barrow
Island. With proper management and planning, the company has
demonstrated that development and conservation can coexist.
The environmental assessment for the Gorgon project has been the most
comprehensive in Australia. It is the result of six years of
preparation, including the research and contributions of numerous
independent experts, and extensive community consultation.
The Gorgon project is expected to boost gross domestic product, generate
significant government revenue and create local opportunities through
goods and services. It also includes a domestic natural gas capability
which will provide more energy security for Western Australians.
Chevron (50%) operates the Gorgon Project with joint venture
participants ExxonMobil (25%) and Shell (25%).
Chevron Corporation is one of the world’s leading integrated energy
companies, with subsidiaries that conduct business worldwide. The
company’s success is driven by the ingenuity and commitment of
approximately 62,000 employees who operate across the energy spectrum.
Chevron explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels and
other renewables. Chevron is based in San Ramon, Calif. More information
about Chevron is available at www.chevron.com
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of “Safe Harbor” Provisions of the Private Securities Litigation
Reform Act of 1995.
Some of the items discussed in this media statement are
forward-looking statements about Chevron’s activities in Australia.
Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,”
“projects,” “believes,” “seeks,” “estimates,” “budgets” and similar
expressions are intended to identify such forward-looking statements.
The statements are based upon management’s current expectations,
estimates and projections; are not guarantees of future performance; and
are subject to certain risks, uncertainties and other factors, some of
which are beyond the company’s control and are difficult to predict.
Among the factors that could cause actual results to differ materially
are changes in prices of, demand for and supply of crude oil and natural
gas; actions of competitors; ; prompt receipt of required government
and regulatory approvals; timely development of the natural gas fields,
which will supply the facilities; securing the necessary sales
agreements for the project’s production of LNG for export and natural
gas for Australian domestic use; the potential disruption or
interruption of production and development activities due to war,
accidents, political events, civil unrest, or severe weather;
government-mandated sales, divestitures, recapitalizations and changes
in fiscal terms or restrictions on the scope of company operations; and
general economic and political conditions. You should not place undue
reliance on these forward-looking statements, which speak only as of the
date of this media statement. Unless legally required, Chevron
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.
U.S. Securities and Exchange Commission (SEC) rules permit oil and
gas companies to disclose only proved reserves in their filings with the
SEC. Certain terms, such as “resources,” “oil in place,” “recoverable
natural gas resources,” “oil-equivalent resources,” “potentially
recoverable volumes,” “recoverable reserves,” and “recoverable oil,”
among others, may be used in this media statement or other public
disclosures that are not permitted to be used in filings with the SEC.
Source: Chevron Corporation
Chevron Corporation
Margaret Cooper, +1-713-372-4919 (Houston)
Gareth
Johnstone, + 65 9728 8375 (Singapore)
